These breakout stocks , which are still lucrative for traders and investors, hold significant potential.
According to Sumeet Bagadia, Executive Director at Choice Broking, late-hour correction in the Indian stock market has made some breakout stocks more attractive.
The Choice Broking expert said that after the fresh breakout, some of the breakout stocks today are available at a highly discounted price, which makes them an ideal stock to buy on Tuesday.
Also Read: Trade setup for stock market today: Eight stocks to buy or sell on TuesdaySumeet Bagadia's stock recommendationsSumeet Bagadia recommends five breakout stocks to buy today: Finolex Cables, Indian Overseas Bank, ASAL, Pudumjee Paper Products, and JBM Auto.
1] Finolex Cables: Buy at ₹1456, target ₹1550, stop loss ₹1400;2] IOB: Buy at ₹74.50, stop loss ₹79.50, stop loss ₹72;3] ASAL: Buy at ₹896.55, target ₹950, stop loss ₹865;4] Pudumjee Paper Products: Buy at ₹98.7, target ₹105, stop loss ₹95; and5] JBM Auto: Buy at ₹2117.20, target ₹2222, stop loss ₹2050.
Stocks to buy or sell: The frontline indices of the Indian stock market continue to scale new highs, but they have failed to sustain themselves at higher levels, especially the Nifty 50 and the BSE Sensex. After climbing to the new peaks, Nifty and Sensex witnessed heavy selling pressure at the closing bell on Monday. However, in this topsy-turvy session, many shares gave fresh breakouts. These breakout stocks , which are still lucrative for traders and investors, hold significant potential. According to Sumeet Bagadia, Executive Director at Choice Broking, late-hour correction in the Indian stock market has made some breakout stocks more attractive. The Choice Broking expert said that after the fresh breakout, some of the breakout stocks today are available at a highly discounted price, which makes them an ideal stock to buy on Tuesday.
Breakout stocks to buy today
Sumeet Bagadia of Choice Broking said that the Nifty 50 index once again failed to sustain higher levels after reaching the 23,000 hurdle for the second day in a row. Bagadia said that the 50-stock index has made a strong base at the 22,750 to 22,800 mark, and the Indian stock market bias will continue to remain positive until this support remains sacrosanct. He said Dalal Street's bias may improve once the 50-stock index breaches the immediate hurdle placed at 23,200 on a closing basis.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 28
On the India VIX today, Sumeet Bagadia said that the Indian volatility index is in the 19 to 23 range and is expected to remain on the topsy-turvy curve until the Lok Sabha Election 2024 results are declared. This volatility in the Indian stock market, as predicted by the India VIX, may show more volatility on 31st May 2023 as the market will be buzzed around the Lok Sabha Exit Poll expected on 1st June 2024 evening after the end of the 7th phase of Lok Sabha Polls on Saturday this week.
Also Read: Trade setup for stock market today: Eight stocks to buy or sell on Tuesday
Sumeet Bagadia's stock recommendations
Sumeet Bagadia recommends five breakout stocks to buy today: Finolex Cables, Indian Overseas Bank, ASAL, Pudumjee Paper Products, and JBM Auto.
1] Finolex Cables: Buy at ₹1456, target ₹1550, stop loss ₹1400;
2] IOB: Buy at ₹74.50, stop loss ₹79.50, stop loss ₹72;
3] ASAL: Buy at ₹896.55, target ₹950, stop loss ₹865;
4] Pudumjee Paper Products: Buy at ₹98.7, target ₹105, stop loss ₹95; and
5] JBM Auto: Buy at ₹2117.20, target ₹2222, stop loss ₹2050.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
INDIAN OVERSEAS BANK More Information
Milestone Alert! Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!
